First Time Buyer Supports
Learn about the Irish Government’s First Time Buyer support schemes, the Help to Buy Scheme, the First Home Scheme and a combination of both schemes below. It’s Easy as 1, 2, 3:
1. Help to Buy Scheme:
The Help to Buy (HTB) scheme is a tax rebate scheme for first-time property purchasers that can help with raising the deposit needed to purchase your new house or apartment. The funds, up to €30,000, go towards your deposit.
To qualify for the Help to Buy Scheme:
The property must be purchased to live in as the buyer's home and remain in their ownership for a minimum of a five years.
The contractor must be approved by Revenue. Bridgewater Homes is an approved contractor.
A qualifying lender must be used for the mortgage.
The value of the property is capped per region. The loan must be at least 70% of the purchase value.
For more information on how to apply, visit Revenue.ie
2. First Home Scheme:
GET HELP WITH UP TO 30% OF THE COST OF YOUR NEW HOME
The First Home Scheme (FHS) aims to bridge a gap between the buyer's deposit plus mortgage and the purchase price of the property.
The FHS is mainly for first-time buyers who wish to buy a newly constructed home and who cannot secure the full amount required from their deposit and mortgage.
The First Home Scheme is a shared equity scheme, where the State and participating banks pay up to 30% of the market value of the new home in return for the same percentage share in equity in the property.
FOR MORE INFORMATION & TO SEE IF YOU ARE ELIGIBLE, VISIT FIRSTHOMESCHEME.IE
3.Combine Help to Buy & First Home Schemes
You can get up to 30% of the market value of your new property with the First Home Scheme. When you combine the Help to Buy Scheme (where funds of up to €30,000 go towards your deposit) with the First Home Scheme, this percentage is reduced to 20%. The minimum you can get is 2.5% of the property purchase price, or €10,000, whichever is greater.
To proceed, you need Mortgage Approval in Principle from a participating lender and have checked you are eligible for both the scheme, then you can apply for the FHS and the HTB schemes online.
Should you be interested in purchasing a Bridgewater home, and if you are eligible, you can avail of both of the above schemes combined.
